外汇市场韧性不断增强（锐财经）

Core Viewpoint - The foreign exchange market in China is expected to maintain stability in 2026, with a projected trading volume of $42.6 trillion by 2025 and a corporate foreign exchange hedging ratio reaching 30% [1][4]. Group 1: Foreign Exchange Market Performance - In 2025, the total cross-border income and expenditure for enterprises and individuals reached $15.6 trillion, a nearly 10% increase from 2024 [2]. - The net inflow of cross-border funds turned positive in 2025, amounting to $302.1 billion, with a bank settlement surplus of $196.6 billion [2]. - By the end of 2025, foreign exchange reserves remained stable at $33,579 billion, with the RMB exchange rate maintaining basic stability at a reasonable level [2]. Group 2: Policy and Reform Initiatives - The State Administration of Foreign Exchange (SAFE) has implemented 28 measures across three key areas to support stable foreign trade development, deepen cross-border investment and financing reforms, and support the construction of free trade pilot zones [2]. - The number of banks participating in foreign exchange business reform increased from 16 at the end of 2024 to 30, covering major banks handling cross-border transactions [3]. Group 3: Corporate Risk Management - There is a growing demand among enterprises to identify and manage exchange rate risks due to increased volatility in international financial markets [4]. - In 2025, enterprises utilized foreign exchange derivatives to manage exchange rate risks amounting to over $1.9 trillion, nearly doubling since 2020, with the corporate foreign exchange hedging ratio reaching a historical high of 30% [4]. Group 4: Future Outlook - The foreign exchange market in China is expected to operate steadily in 2026, with cross-border capital flows remaining orderly and resilient [7]. - The ongoing enhancement of economic quality and the expansion of high-level opening-up are anticipated to support the stability of the foreign exchange market [7].